Rent or Buy? Experts Say Potential Home Buyers Look to Their Parents for their Answer
A recent study by Trulia shows that consumers are nearly three times more likely to purchase a house if their parents were homeowners compared to parents who rented. The study analyzed over four decades of data from the University of Michigan in Ann Arbor and included both Gen X-ers and Millennials. One reason for this may be that consumers are more likely to buy a house if their extended family can explain how the process works and what criteria should be prioritized from improving their credit score to saving for a down payment.
For more on the study, click here.